Maintaining privilege in U.K. regulator-facing investigations: issues for company advisers

The recent judgment approving the Rolls-Royce ("Rolls") deferred prosecution agreement ("DPA") demonstrates that no company is too big for the U.K. Serious Fraud Office ("SFO") to pursue. As demonstrated by the settlement figure of just under £500 million – including a fine of almost £240 million – the SFO has announced itself as a significant player on the global enforcement stage. Where the U.K. has an interest or is the primary regulator, it is now important for companies to carefully U.K. jurisdictions when approaching investigations.